enet–mdg webinar 5/5/2020 sustaining your early stage life … · 2020. 5. 8. · confidential...
TRANSCRIPT
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CONFIDENTIAL
Amar Sawhney, General Partner
ENET–MDG Webinar 5/5/2020 Sustaining Your Early Stage Life Science Company during the COVID-19 Pandemic Crisis
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CONFIDENTIAL
Incept is not a venture fund.
Incept is an accelerator for promotion and advancement of technology innovation and entrepreneurship, with its primary focus in the life-sciences space.
Incept seed finances its own opportunities and is resolute in four critical propositions:
• improving state-of-the-art in patient-care
• forming build-to-last teams and companies
• category leadership
• cultivating future entrepreneurial leaders
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CONFIDENTIAL
Fred Khosravi Amar Sawhney PhDManagement Roles:AlconGuidant
CEO Roles:EndoTex/ Boston ScientificEPI/Boston ScientificAccessClosure/CardinalOstial CorpImperativeCare
Board and Chairman Roles:Confluent SurgicalSadra MedicalKerberos Proximal SolutionsAdvanced Stent TechnologiesOcular TherapeutixAugmenixSadra MedicalMaya MedicalHotspur MedicalApama MedicalClaret MedicalCibiemNextPlaneTulavi MedicalCenter of Strategic International Studies (non-profit)Technology for America (non-profit)
Management Role:Focal
CEO Roles:Confluent SurgicalOcular TherapeutixAugmenixInstylla, Inc.Pramand LLC
Board and Chairman Roles:EPI/ Boston ScientificAccessClosure/CardinalMarketRxAxtriaImperativeCareTulaviEcosikh (non profit)
management
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CONFIDENTIAL4
EXITS16
2008- 20182008- 2018
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CONFIDENTIAL5
current
2007
2009
2010
2015
2016
TULAVItherapeutics
2017
2018
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CONFIDENTIAL
Companies in the MedTech sector are affected to different degrees according to their sub‐sector
Companies in the MedTech sector are affected to different degrees according to their sub‐sector
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CONFIDENTIAL
• Instylla Inc.•Working on the first peripheral liquid embolic to
treat tumors and hemorrhage• 22 employees, $18MM raised, in human clinical
trials, US IDE filing next month
• Pramand LLC•Working to develop liquid surgical sealants and
hemostatic patches• 5 Employees, $1MM raised, pre-clinical stage
Current Pre‐revenue Companies in Boston area <25 Employees
Current Pre‐revenue Companies in Boston area <25 Employees
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CONFIDENTIAL
•Clinical trials are difficult to start up, since hospital sites are in ”urgent only” mode•Manufacturing is in flux since demand is hard to
predict and operators need to be distanced• R&D work is difficult to perform due to companies not
being deemed “essential” and access to lab limited.•Medical conferences cancelled, so business
development and clinical advisory meetings delayed
Challenges our smaller earlier stage companies are facing
Challenges our smaller earlier stage companies are facing
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CONFIDENTIAL
• Carefully manage expenses
• Freeze hiring, revisit budgets, stop non-critical projects
• Share employees with other companies (in our portfolio)
• Use options instead of cash bonuses (we are not doing this at present)
• Use consultants rather than dedicated resources
• Cut ties with low performers
• Continue to make robust progress
• Selectively access high grade talent in special situations
• Conduct clinical trials in less affected geographies (ANZ, Taiwan)
• Catch up on documentation and quality systems
• If commercial, keep gross price stable, be flexible elsewhere (eg. consignment, waive shipping charges)
What are we doing to be resilient?What are we doing to be resilient?
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CONFIDENTIAL
• Fundraising
• Access PPP funds
• Raise money from unconventional sources (eg. Family offices, China rights)
• Don’t haggle on valuations, get the cash you need
• Strategy
• Examine pivots that could put you into COVID19 related products
• Examine business combinations/mergers that create synergies
• Create products that may not require clinical studies
• Examine telehealth, digital health, robotics, angles that will enjoy robust growth in medtech
What could we be doing to be resilient?What could we be doing to be resilient?